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I caved and made slight modifications;
Made it so that the lifesteal gets no augmentation (brain likes base 10 - therefor, thing that ends in 5 is good... this is silly logic. 33% is exactly one third. A perfect number as is), upped the cost by 50 (negligible, but the damage boost that the DoT can potentially provide is pretty hefty)
and switched it around so that the Active remains the Bilgewater Cutlass' (perhaps could tinker with it's damage somehow too... but w/e) and added a new UNIQUE passive in which the anti-healing temporarily procs when you crit a target.
All trivial stuff, but it is better than just saying "bump"